Poundland plans to expand in the downturn
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Profits at retail chain Poundland - which sells all its goods for £1 - have more than doubled after shoppers sought bargains in the downturn. Pre-tax profits at the West Midlands-based firm for the year to 29 March were £8.6m, up from £4.2m last year. Like-for-like sales - which strip out the impact of new stores - rose 2.1%. The retailer, which opened 41 new stores during the year, is currently expanding and expects to have 250 outlets this year. Poundland said it had taken on some former Woolworths' staff and had also taken over some of the collapsed chain's stores. Chief executive Jim McCarthy said the collapse of Woolworths had been mixed news for his business. "I think it's a twin-edged blade really," he told the BBC. "We've picked up some trade in some of the categories - like confectionary for example and household products. But on the other hand, it is better when the High Street is full and vibrant." Poundland said it had increased the number of household names it sells, and now includes Kellogg's, Maxwell House and Pampers. Private equity company Advent International has owned Poundland since 2002.
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